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Moody’s said that the impact of infrastructure developments for the Olympics on growth had probably already been feltSAC / Phil Major / Royal Air Force / Reuters

Kathryn HopkinsEconomics Correspondent

Last updated at 12:01AM, May 2 2012

Hosting the 2012 Olympic Games will not provide the much-needed boost to
Britain’s sickly economy that the Government had hoped for, a report warned
yesterday.

Despite David Cameron’s new year message that the London Olympics would give
Britain a chance to “go for it”, Moody’s said that any benefits were likely
to be largely short-lived.

“We think that the Olympics are unlikely to provide a substantial boost to the
UK economy and believe that the impact of infrastructure developments on UK
GDP has probably already been felt,” Richard Morawetz, a senior credit
officer at the credit ratings agency, said.